Project STEP Inc
Nonprofit profile at a glance
- EIN
- 222505816
- IRS 990 coverage
- 2009–2024
- Forms available
- Form 990 2024
- Location
- Boston, MA, USA
- Phone
- 6172675777
- Rating
- 72
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Performing Arts Schools
Reported finances
- Revenue
- $1,776,978
- Expenses
- $1,094,053
- Assets
- $10,246,018
- Liabilities
- $31,328
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
16 people listed
Executive titles in this filing
- Elisa Pepe (President)
- Alex McCray (Vice President)
- Meghan Jasani (Vice President)
- Josue Gonzlez (Executive Director)
Highest reported compensation
- Josue Gonzlez (Executive Director): $79,186 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Project STEP, Inc., (Project STEP) was incorporated as a not-for-profit corporation in 1983 under the laws of the Commonwealth of Massachusetts. Project STEP uses classical music training to bring positive change to the lives of students, their families, and their communities. The Organization identifies musically talented students from underrepresented racial and ethnic minorities at an early age and provides them with a comprehensive music program that prepares them to compete at the highest levels. Project STEP's goals are to expand the lives of students through music, helping them reach their potential, and to bring diversity to the field of classical music. By teaching the values of responsibility, respect, perseverance and joy in achievement through learning a string instrument, Project STEP develops strong, productive and happy adults.
What it reported doing in 2024
Weekly program of private lessons, chamber music coaching, orchestra and theory classes. The program includes approximately 55-60 students ages six to eightteen. 100% of the program's graduates have gone on to college or conservatory. Approximately 60% of the program's graduates are currently professionals in the field of classical music. Students have won awards and been on national television and radio.
Operating model
- Revenue model
- Donor-supported. 74% of the money available for current operations came from contributions and gifts.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 42
- Transparency & Controls: 92
- Accountability: 90
- Sustainability: 83
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 45.2%; rating input score 45
- Program expense ratio: 44.8%; rating input score 45
- Fundraising efficiency: $4.89 raised per $1 spent on fundraising; rating input score 17; 17th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 6 of 8 controls in place; rating input score 75
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Fail
- CEO compensation review process: Pass
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 38.4%; rating input score 88; 88th percentile among comparable filings
- Total-asset coverage ratio: 9.37; rating input score 91; 91st percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 76; 76th percentile among comparable filings
- Officer compensation ratio: 7.2%; rating input score 46; 46th percentile among comparable filings
Growth
- Program expense growth: 2.7% per year; rating input score 100; 30th percentile among comparable filings
- Revenue growth: 13.6% per year; rating input score 100; 76th percentile among comparable filings
- Asset growth: 15.6% per year; rating input score 100; 74th percentile among comparable filings
Details
- Where the money goes: 45.2% of revenue deployed · 44.8% of spending went to programs
- Governance: 16 of 16 board members independent · 6 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $490K in reported program spending
- Leadership: top reported pay $79K · 16 people listed
- Consistency: 33 of 33 current checks pass
- Schedules: 6 filed schedules · includes major donors
- Filing history: 16 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Financial Efficiency: Mission deployment rate scored 45/100.
- Moderate — Financial Efficiency: Program expense ratio scored 45/100.
- High — Financial Efficiency: Fundraising efficiency scored 17/100.
- Review — Accountability: Governance controls: Document-retention policy not reported.
- Moderate — Sustainability: Officer compensation ratio scored 46/100.